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The Times of India

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Bloomberg

HISTORICAL FACTS: First citizens buys silicon valley bank - The Untold Story

First Citizens Silicon Valley Bank FDIC SVB First Citizens BancShares Inc New York United States US Federal Reserve

NEW YORK: First Citizens BancShares Inc agreed to buy Silicon Valley Bank which was seized by regulators following a run on the lender.

The Raleigh, North Carolina-based bank entered into a purchase and assumption agreement for all deposits and loans of SVB, according to a statement from the Federal Deposit Insurance Corp. The deal includes the purchase of about $72 billion SVB assets at a discount of $16.5 billion.

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